"Each product is designed to serve self-employed professionals, entrepreneurs, real estate investors and other creditworthy borrowers with nontraditional income profiles. Our non-QM offerings are about unlocking opportunities for our Pennymac Correspondent clients and the borrowers they serve, said Alex Boand, chief correspondent production officer at Pennymac Correspondent Group. The non-QM space continues to grow, and we're excited to offer a competitive, high-quality product line to meet demand among our clients."
"The new products offer lenders flexibility in borrower qualification and loan structure. Income documentation options include full documentation, streamlined (12 months), bank statement, asset depletion, asset qualifier, 1099 and verbal verification of employment. Eligible borrowers include first-time homebuyers, first-time investors and non-permanent residents, among others. These solutions are built to meet the real needs of today's diverse borrower base, said Nick Pabarcus, managing director and non-QM sales leader at Pennymac."
Pennymac introduced a suite of non‑QM mortgage products targeted at self‑employed professionals, entrepreneurs, real estate investors, and borrowers with nontraditional income profiles. The company intends to retain servicing on all non‑QM loans and will make the products available through its third‑party origination (TPO) channel beginning in Q4 2025, with an initial delegated correspondent best‑effort rollout. The product suite offers flexible borrower qualification and loan structure options, including full documentation, streamlined (12 months), bank statement, asset depletion, asset qualifier, 1099, and verbal verification of employment. Eligible borrowers include first‑time homebuyers, first‑time investors, and non‑permanent residents. A live webinar on Sept. 10 will provide additional details.
Read at www.housingwire.com
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